Limited Partnership (Amendment) Act, 2023 (No. 12 of 2023)

Summary

This is a short amending Act that changes one provision of the BVI Limited Partnership Act, Revised Edition 2020. It does not create new obligations broadly but tightens a document retention requirement tied to section 108(7)(a) of the principal Act.

• Amendment made: Section 108(7)(a) is amended to add a specific retention period, requiring that a qualifying document or information filed be kept for 5 years from the date of dissolution of the limited partnership to which it relates.
• Commencement: The Act only comes into force on a date the Minister appoints by Notice published in the Gazette; it was not automatically effective on passage or Royal assent.

In practice, this affects whoever is responsible for maintaining filed qualifying documents or information under section 108 of the Limited Partnership Act (typically registered agents or the limited partnership itself), by fixing a clear 5 year retention clock triggered by dissolution rather than an open ended or undefined retention duty.

Key obligations

• Retain qualifying documents or information filed under section 108(7)(a) of the Limited Partnership Act for a period of 5 years from the date of dissolution of the limited partnership to which they relate.

Applies to

limited partnerships, registered agents of limited partnerships

Deadlines

• 5 years from the date of dissolution of the limited partnership: Retention period for qualifying documents or information filed under amended section 108(7)(a).

Related documents

• This document amends Limited Partnership Act (Revised Edition 2020)